Discuss the income effect for normal and inferior goods
1 answer:
Answer:
➢ The income effect describes the <u>relationship between an increase in real income and demand for a good</u>. The result of the income effect for a normal good is discernible to that of an inferior good in that a positive income change causes a consumer to buy more of a normal good, but less of an inferior good.
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Answer:
The traveler can plan such a tour in 3003 ways.
Step-by-step explanation:
The order that the cities are chosen is not important, since it is chosen by the company and not by the traveler. So we use the combinations formula to solve this question.
Combinations formula:
is the number of different combinations of x objects from a set of n elements, given by the following formula.
In this problem, we have that:
Combinations of 5 cities from a set of 15. So
The traveler can plan such a tour in 3003 ways.
Answer:
Approximate only
Step-by-step explanation:
the perfect square smaller than 1.4 is 1, because
Take the difference between the two, 1.4 -1 = 0.4
Put the whole with 1. the part will be as follow:
Note: just approximate!! with calculator, it is 1.18321